China Merchants Bank has been approved by the People's Bank of China, the central bank, to build a branch in the Hong Kong Special Administrative Region.

Ma Weihua, governor of Merchants Bank, said they have also been making plans to set up branches in other major world financial centers.

Establishment of overseas branches is aimed to speed up the pace of internationalization of Merchants Bank, said Ma, adding his bank would send 50 workers abroad to work or receive training.

Ma said he believed that China's accession into the World Trade Organization will give China Merchants Bank good opportunities for expanding reform and development -- and will also create challenges. To counter them, the bank has studied ways to list companies, issue financial bonds, and accelerate computerization in business operations.

With headquarters in Shenzhen, Merchants Bank is a national joint-stock commercial bank. By the end of 1999, the bank's assets totaled 180.3 billion yuan, total deposit savings climbed to 132.08 billion yuan, and the outstanding volume of loans reached 91.6 billion yuan.